New rules for cashpoints at 14 major high street banks start tomorrow
New rules are being introduced for cashpoints at 14 major high street banks TOMORROW. Banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps, under new FCA rules.
Fourteen banks and building societies have been designated by the Government to deliver this new cash access system. It includes AIB Group (UK) plc, Bank of Ireland (UK) plc and Bank of Scotland plc (including Halifax) as well as Clydesdale Bank plc (Virgin Money).
HSBC UK Bank plc, Lloyds Bank plc and National Westminster Bank plc (including Ulster Bank) are also listed, alongside Nationwide Building Society, Northern Bank Limited (Danske) and Santander UK plc. The Co-operative Bank plc is also earmarked for the change.
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The government also namechecks Lloyds Bank plc, The Royal Bank of Scotland plc and TSB Bank plc as impacted too. The insitutions will need to assess cash access and understand if additional services are needed, when changes are being made to local services, the FCA has said.
They will also need to respond to local residents, community organisations and representative groups, who will be able to request an assessment of whether there are gaps in local cash access, the FCA has gone on to confirm to BirminghamLive.
Other requirements being introduced include having to deliver reasonable additional cash services, where significant gaps are found and also having to keep facilities, including bank branches and ATMs, open until any additional cash services identified are available.
Sheldon Mills, executive director of consumers and competition at the FCA, said: "Three million people continue to rely on cash, even as digital payments become more popular. And many small businesses still need somewhere to safely deposit their takings each day.
"That’s why we’ve acted quickly in response to new powers given to us by Parliament to ensure reasonable access to cash withdrawal and deposits is maintained."